The county's biggest submarket, Airport West, had a 0.8 percentage point decrease in its vacancy rate, which went from 13.5% second quarter to 12.7% third quarter. That is stable, compared with the 12.6% recorded in third quarter 2002, the report states.

Overall, trade sector indicators, including Miami International Airport's freight activity, indicate economic conditions are getting better in Latin America, which means a growing demand for warehouse space locally, it adds. This is consistent with brokers and owners' reports that tenant activity is the strongest it's been in a year.

The report also states the city is a preferred site for institutional investors wanting to buy industrial properties, and four major properties are expected to change hands shortly.